Need Serious Advice (honest advice too)

I'm new to this rat race to improve my credit scores and this website has me hooked!!! I've read alot about improving the credit scores, but I don't know what else I can do about my current situation.

My scores are 530, 552, and 516. Although truecredit.com shows my TU at 628, which has increased quite a bit in the last couple of months.

I have recently got two new credit cards to improve my scores, prior to that, I had none. I haven't had a car loan in 5 years in my name alone. The last car loan I had was with an ex, and when we split, he took the car and let it get repo'd which of course shows up on me.

After reading some of the positive things about roadloans, I tried them and they denied me. Any suggestions? I make $95K a year, and have the money to pay the outrageous interest rate for a while until I can refi, but I just need the opportunity. Any advice? I mean a car loan will improve my score too, right?

Re: Need Serious Advice (honest advice too)

The car loan is showing as charged off. I have very little credit card debt. How should my income help up my scores?

I think what he ment to say was with your income and very little debt you should be able to get a auto loan. While a auto loan with on time payments will help your score it wont help as much as credit cards. If you need a car, I would go to your local dealer and bring something that proves your income. Tell them that you have a repo on your report but it was due to the ex. They should be able to find a bank that will finance you. Also pick a car like a honda or toyota that gets good trade in value and has very little to no mechanical problems

Re: Need Serious Advice (honest advice too)

I had a score in the 460-480 range and financed my car through Regional Acceptance about 3 years ago, 18% intrest. One year later I refied through e-loan for 9.9%. Through the course of that one year I got a Creditone card, Capital One card, and a Macy's card. Ran them up (the fun part), paid them off (not so bad) and after one year with e-loan ended up in the 620-680 range. Now I'm going after the higher CL cards (BoA, Citicard, credit union through work), a few revolving (Home Depot~ Store card, Dell, Sears ~Store card). My FICO will suffer another hit with the new accounts, but in one more year I expect to be in the 750+ range with 1-2% UTL, paid in full car loan, one paid in full personal loan, past bad accounts will have fallen off CR, and 5 years of good history.

Your income should be able to get you what you need, but also remember Auto Dealers could care less about your history all they want to know is how you pay your car loans, so be persistant and don't give up. Someone will give you a loan with a low debt to income ratio, trick is finding them....

Re: Need Serious Advice (honest advice too)

Thanks for the info. How did you get hooked up with Regional Acceptance? Through a dealer? Their website is dedicated to dealers, etc. I was accepted for a loan through CarMax, but they only had a certain lot of cars that I could get with that and none of them is what I wanted.

The income isn't a problem, nor the ability to pay for a payment and God knows that I've learned my lessons with the past and will NEVER pay late on anything again!!!! It is frustrating getting turned down though!!!

Re: Need Serious Advice (honest advice too)

Thanks for the info. How did you get hooked up with Regional Acceptance? Through a dealer? Their website is dedicated to dealers, etc. I was accepted for a loan through CarMax, but they only had a certain lot of cars that I could get with that and none of them is what I wanted.

The income isn't a problem, nor the ability to pay for a payment and God knows that I've learned my lessons with the past and will NEVER pay late on anything again!!!! It is frustrating getting turned down though!!!

Yeah it was one of those "Your Job Is Your Credit" dealers. CarMax is a little shady in my opinion, yeah they are easy to deal with, but I always think they are slipping you roofies and taking you for a ride....kinda the "It's too easy" feeling. Maybe try a small used car dealer, independent dealer they will be more willing to search for a lender. The bigger guys just go with whoever takes them out to lunch more, the smaller guys need the sale.

Re: Need Serious Advice (honest advice too)

Thanks again for the info. Did you have to come up with a huge downpayment?

And one more question for anyone who wants to take it... With credit cards, the two that I have recently got, I've been paying the entire balance off each month. Is that the best thing to do? Or is it better to pay it off and not use it? I mean, I find myself using them at the last minute, just to have something to pay on. Am I managing those right?

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